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Reply to "trying to advise friend -- is it wise to refinance to a 15-year mortgage?"
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[quote=Anonymous]If the house has appreciated enough to remove PMI based on that alone, they can request PMI cancellation and get it removed from the current loan. Then throw extra payments at the existing loan. That's one option. Another would be to seek out a 20-year. 15-year loans are obviously the best in the long run, but if your friend is nervous about the payment it might add a layer of anxiety that isn't worth it, if they can have the choice of whether to throw extra at the mortgage. [/quote]
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